Brazil's Largest Public Bank Enables Tax Payments to Be Made With Crypto

Banco do Brasil (BB), Brazil’s largest public bank, has enabled the payment of taxes with cryptocurrencies, the bank said in a statement on Friday.

The service is only available to customers with cryptocurrencies deposited with Bitfy, a startup specializing in blockchain solutions in which BB's corporate venture capital arm has invested.

Other Bitfy clients – such as financial institutions and fintech companies – will also be able to allow their users to pay taxes and other obligations using the agreements signed by BB with various public service entities, the bank said.

“The new digital economy is a catalyst for a future full of advantages. This partnership makes it possible to expand the use of and access to the ecosystem of digital assets with national coverage and with the seal of security and reliability of Banco do Brasil,” Lucas Schoch, the founder and CEO of Bitfy, said in a Portuguese-language statement.

According to BB, at the time of payment, cryptocurrencies will be instantly converted to Brazilian reals.